§7-11B-16. Valuation of real property.
(a) Upon and after the effective date of the creation of a
development or redevelopment district, the county assessor of the
county in which the district is located shall transmit to the
county clerk a certified statement of the base assessed value,
total ad valorem regular levy rate, total general obligation bond
debt service ad valorem rate and total excess levy rate applicable
for the development or redevelopment district.

(1) The assessor shall undertake, upon request of the county
commission, or the governing body of the municipality, creating the
development or redevelopment district, an investigation,
examination and inspection of the taxable real and tangible
personal property having a tax situs in the district and shall
reaffirm or revalue the base value for assessment of the property
in accordance with the findings of the investigation, examination
and inspection.

(2) The county assessor shall determine, according to his or
her best judgment from all sources available to him or her, the
full aggregate assessed value of the taxable property in the
district, which aggregate assessed valuation, upon certification
thereof by the assessor to the clerk, constitutes the base value of
the development or redevelopment district.

(b) The county assessor shall give notice annually to the
designated finance officer of each levying body having the power to
levy taxes on property within each district of the current value and the incremental value of the property in the development or
redevelopment district.

(c) The assessor shall also determine the tax increment by
applying the applicable ad valorem regular levy rates to the
incremental value.

(d) The notice shall also explain that the entire amount of
the tax increment allocable to property within the development or
redevelopment district will be paid to the tax increment financing
fund of the development or redevelopment district until it is
terminated.

(e) The assessor shall identify upon the landbooks those
parcels of property that are within each existing development or
redevelopment district, specifying on landbooks the name of each
district.